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| Exchange Received Time 27/06/2017 19:16:33 Exchange Disseminated Time 27/06/2017 19:16:37 Time Taken 00:00:04 | We wish to inform that the Company has acquired the entire minority stake of 10.08% in Indiabulls Infraestate Limited (IIL), a majority owned material subsidiary of the Company, from ILFS Fund entities namely IIRF India Realty XXI Limited, Little Fairy Limited and Vistra ITCL (India) Limited, its minority investors. The aggregate cash consideration paid for the said acquisition is Rs. 358.44 Cr, including interest of Rs 94.85 Cr against their aggregate total investment of Rs 250 Cr.
With this acquisition, IIL has become a wholly owned subsidiary of the Company. IIL is developing a premium integrated marque residential project named 'Indiabulls Blu' in Worli, Mumbai comprising of 4 residential towers and additionally 2 office towers in the non residential area.
Please take the above information on record.
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